Buyers in the Fraser Valley took advantage of the continued stability in home prices and inventory in March.

MARCH 2019 STATISTICS REPORT

Fraser Valley Real Estate Report

With continued stability in homes prices, and the highest inventory levels for March since 2015, buyers in the Fraser Valley realized the benefits and took advantage.

Sales in the Fraser Valley increased 24.3% compared to sales numbers from February 2019. Of the 1,221 total sales, 462 were residential detached homes, 300 were townhouses, and 346 were apartments.

Although this March was the lowest sales total for the Board during the month of March since 2013, the increased sales from February to March shows a promising Spring market.

There were 7,011 active listings available in the Fraser Valley at the end of March, an increase of 9.4 per cent compared to February 2019’s inventory and an increase of 46.2 per cent year-over-year. 

Once again this means that it is a great time to be a buyer with numerous options available to choose from. High inventory also means that you may be less likely to be in a multiple offer situation.

Don’t assume you won’t ever be in a multiple offer situation however, as smartly priced listings that show well will still draw the attention of multiple savvy buyers. Sellers this means that you need to have an effective pricing strategy and ensure that your home is the best of the bunch. 

See Listed Properties For Sale in Langley BC

Sellers Best Bets:

Sellers in Cloverdale both of detached and attached homes are still in the drivers seat as all product remains in a sellers market.

The detached home market in Aldergrove, Brookswood, Murrayville and Willoughby Heights, especially homes with 5 to 6 properties are still seeing a sellers market.

The attached market in Langley is strong with Aldergrove, Fort Langley, Langley City, Murrayville, Salmon River, Walnut Grove, and Willoughby Heights remaining in a sellers market. 

Buyers Best Bets:

When it comes to the detached market, buyers will find the best options on the higher end homes between 1.75-2 Million with a minimum of 7 bedrooms and homes in Fort Langley.

For the attached market, buyers will find homes between $800,000-900,000, homes and homes in Walnut Grove with a minimum of 4 bedrooms.

There is something for everyone so give us a call and let us help you with your real estate goals. 

If you are considering selling, buying or just have questions about the market, please give us a call today and let’s chat.

GO TO LAST MONTHS STATS

All Fraser Valley Areas Combined

• Detached – SALES UP FROM LAST MONTH: 30.5%
• Townhouse – SALES UP FROM LAST MONTH: 27.1%
• Condo/Apt – SALES UP FROM LAST MONTH: 20.1%

Abbotsford

• Detached – SALES UP FROM LAST MONTH: 18.0%
• Townhouse – SALES UP FROM LAST MONTH: 8.3%
• Condo/Apt – SALES DOWN FROM LAST MONTH: -15.2%

Mission

• Detached – SALES UP FROM LAST MONTH: 29.7%
• Townhouse – SALES UP FROM LAST MONTH: 16.7%
• Condo/Apt – SALES UP FROM LAST MONTH: 300.0%

White Rock / South Surrey

• Detached – SALES UP FROM LAST MONTH: 55.3%
• Townhouse – SALES UP FROM LAST MONTH: 69.0%
• Condo/Apt – SALES UP FROM LAST MONTH: 21.3%

Langley

• Detached – SALES UP FROM LAST MONTH: 10.2%
• Townhouse – SALES UP FROM LAST MONTH: 13.2%
• Condo/Apt – SALES UP FROM LAST MONTH: 36.5%

Delta – North

• Detached – SALES UP FROM LAST MONTH: 61.5%
• Townhouse – SALES UP FROM LAST MONTH: 200.0%
• Condo/Apt – SALES UP FROM LAST MONTH: 42.9%

Surrey – Central

• Detached – SALES UP FROM LAST MONTH: 48.5%
• Townhouse – SALES UP FROM LAST MONTH: 33.9%
• Condo/Apt – SALES UP FROM LAST MONTH: 32.0%

Surrey – Cloverdale

• Detached – SALES UP FROM LAST MONTH: 6.5%
• Townhouse – SALES UP FROM LAST MONTH: 27.8%
• Condo/Apt – SALES UP FROM LAST MONTH: 4.8%

Surrey – North

• Detached – SALES UP FROM LAST MONTH: 25.0%
• Townhouse – SALES FROM LAST MONTH: 0.0%
• Condo/Apt – SALES UP FROM LAST MONTH: 33.9%

What Does The Fraser Valley Real Estate Board Have To Say?

Fraser Valley market sees typical spring increase in March sales

SURREY, BC – Last month, buyers in the Fraser Valley took advantage of the continued stability in home prices and the highest inventory levels for March since 2015.

The Fraser Valley Real Estate Board processed 1,221 sales of all property types on its Multiple Listing Service® (MLS®) in March, a 24.3 per cent increase compared to sales in February 2019, and a 26.6 per cent decrease compared to the 1,664 sales in March of last year. Of the 1,221 total sales, 462 were residential detached homes, 300 were townhouses, and 346 were apartments. This was the lowest sales total for the Board during March since 2013.

Darin Germyn, President of the Board, said of the market: “From a buyer’s perspective, there are more opportunities available as we move deeper into spring. Many of our communities are seeing higher inventory levels, especially in the attached market with the number of available townhomes almost doubling and Fraser Valley condos more than doubling compared to last year.”

There were 7,011 active listings available in the Fraser Valley at the end of March, an increase of 9.4 per cent compared to February 2019’s inventory and an increase of 46.2 per cent year-over-year.

The Board received 2,872 new listings during the month, a 29.6 per cent increase compared to February 2019’s intake of 2,216 new listings and a 0.2 per cent increase compared year-over-year.

“One of the reasons our market has remained stable is simply due to affordability. Although prices have increased dramatically over the last ten years, during the last twelve months we’ve seen prices for all major residential property types in the Fraser Valley decrease between four and five per cent. This is good news for buyers,” continued Germyn.

For the Fraser Valley region, the average number of days to sell an apartment in March was 38, and 29 for townhomes. Single family detached homes remained on the market for an average of 38 days before selling.

HPI® Benchmark Price Activity

• Single Family Detached: At $963,100, the Benchmark price for a single family detached home in the Fraser Valley increased 0.4 per cent compared to February 2019 and decreased 4.2 per cent compared to March 2018.
• Townhomes: At $517,300, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley increased 0.3 per cent compared to February 2019 and decreased 4.5 per cent compared to March 2018.
• Apartments: At $418,000, the Benchmark price for apartments/condos in the Fraser Valley increased 2 per cent compared to February 2019 and decreased 5.1 per cent compared to March 2018.

Full package:
https://www.fvreb.bc.ca/statistics/Package201903.pdf

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